Financial Accounting15th EditionCarl Warren, James M. Reeve, Jonathan Duchac Publisher: Cengage LearningISBN: 9781337272124
Financial Accounting
Solutions for Financial Accounting
Problem 1DQ:
How are revenues and expenses reported on the income statement under (a) the cash basis of...Problem 2DQ:
Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of...Problem 5DQ:
Identify the four different categories of adjusting entries frequently required at the end of an...Problem 6DQ:
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset...Problem 1PEA:
Indicate with a Yes or No whether or not each of the following accounts normally requires an...Problem 1PEB:
Indicate with a Yes or No whether or not each of the following accounts normally requires an...Problem 2PEA:
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or...Problem 2PEB:
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or...Problem 3PEA:
At the end of the current year, 17,555 of fees have been earned but have not been billed to clients....Problem 3PEB:
At the end of the current year, 23,570 of fees have been earned but have not been billed to clients....Problem 4PEA:
Prospect Realty Co. pays weekly salaries of 27,600 for a six-day workweek (Monday thru Saturday)....Problem 4PEB:
We-Sell Realty Co. pays weekly salaries of 11,800 on Friday for a five-day workweek ending on that...Problem 5PEA:
On June 1, 2019, Herbal Co. received 18,900 for the rent of land for 12 months. Journalize the...Problem 5PEB:
The balance in the unearned fees account, before adjustment at the end of the year, is 272,500....Problem 6PEA:
The prepaid insurance account had a beginning balance of 4,500 and was debited for 16,600 of...Problem 6PEB:
The supplies account had a beginning balance of 3,375 and was debited for 6,450 for supplies...Problem 7PEA:
The estimated amount of depreciation on equipment for the current year is 7,700. Journalize the...Problem 8PEA:
For the year ending April 30, Urology Medical Services Co. mistakenly omitted adjusting entries for...Problem 8PEB:
For the year ending August 31, Mammalia Medical Co. mistakenly omitted adjusting entries for (1)...Problem 9PEA:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 9PEB:
For each of the following errors, considered individually, indicate whether the error would cause...Problem 1E:
Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or...Problem 2E:
The following accounts were taken from the unadjusted trial balance of Legislative Results Inc., a...Problem 3E:
At the end of the current year, 59,500 of fees have been earned but have not been billed to clients....Problem 4E:
The adjusting entry for accrued fees was omitted at the end of the current year. Indicate which...Problem 5E:
Garcia Realty Co. pays weekly salaries of 17,250 on Friday for a five-day workweek ending on that...Problem 7E:
Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the...Problem 9E:
The balance in the unearned fees account, before adjustment at the end of the year, is 18,000....Problem 10E:
At the end of January, the first month of the business year, the usual adjusting entry transferring...Problem 11E:
The balance in the supplies account, before adjustment at the end of the year, is 4,850. Journalize...Problem 12E:
The supplies and supplies expense accounts at February 28, after adjusting entries have been posted...Problem 13E:
At August 31, the end of the first month of operations, the usual adjusting entry transferring...Problem 14E:
The balance in the prepaid insurance account, before adjustment at the end of the year, is 27,000....Problem 15E:
The prepaid insurance account had a balance of 3,000 at the beginning of the year. The account was...Problem 16E:
The balance in the unearned fees account, before adjustment at the end of the year, is 97,770. Of...Problem 18E:
The estimated amount of depreciation on equipment for the current year is 8,200. Journalize the...Problem 19E:
The balance in the equipment account is 3,150,000, and the balance in the accumulated...Problem 20E:
In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of 27,804...Problem 21E:
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of...Problem 22E:
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of 553...Problem 23E:
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted...Problem 24E:
If the net income for the current year had been 196,400 in Exercise 3-23, what would have been the...Problem 25E:
On December 31, a business estimates depreciation on equipment used during the first year of...Problem 26E:
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2019, follow:...Problem 27E:
The accountant for Evas Laundry prepared the following unadjusted and adjusted trial balances....Problem 1PA:
On December 31, the following data were accumulated for preparing the adjusting entries for...Problem 2PA:
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...Problem 3PA:
Milbank Repairs Service, an electronics repair store, prepared the following unadjusted trial...Problem 4PA:
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin...Problem 5PA:
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October...Problem 6PA:
At the end of April, the first month of operations, the following selected data were taken from the...Problem 1PB:
On May 31, the following data were accumulated to assist the accountant in preparing the adjusting...Problem 2PB:
Selected account balances before adjustment for Intuit Realty at November 30, the end of the current...Problem 3PB:
Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following...Problem 4PB:
The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March...Problem 5PB:
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated...Problem 6PB:
At the end of August, the first month of operations, the following selected data were taken from the...Problem 1COP:
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as...Problem 1CP:
Chris P. Bacon is the chief accountant for CV Industries, a large manufacturing company. In addition...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Accounting And BusinessChapter 2 - Analyzing TransactionsChapter 3 - The Adjusting ProcessChapter 4 - Completing The Accounting CycleChapter 5 - Accounting SystemsChapter 6 - Accounting For Merchandising BusinessesChapter 7 - InventoriesChapter 8 - Internal Control And CashChapter 9 - ReceivablesChapter 10 - Long-term Assets: Fixed And Intangible
Chapter 11 - Current Liabilities And PayrollChapter 12 - Accounting For Partnerships And Limited Liability CompaniesChapter 13 - Corporations: Organization, Stock Transactions, And DividendsChapter 14 - Long-term Liabilities: Bonds And NotesChapter 15 - Investments And Fair Value AccountingChapter 16 - Statement Of Cash FlowsChapter 17 - Financial Statement AnalysisChapter MJ - Mornin's JoeChapter B - International Financial Reporting Standards (ifrs)
Book Details
Gain a solid foundation in financial accounting to ensure you are prepared for future business courses and the real world with Warren/Reeve/Duchac's market-leading Financial Accounting, 15E and CengageNOWv2. This edition helps you connect concepts to the bigger picture with features such as the new chapter opening schema that allows you to see how each chapter's specific content fits within the overall framework of the book. A focus on why accounting is important to business and a prosperous society is reinforced throughout with Why It Matters Concept Clip animations in CengageNOWv2 and a new CengageNOWv2 Journal Entry Tool that illustrates the impact of transactions on the accounting equation. In addition, the Warren/Reeve/Duchac hallmark accounting cycle coverage provides unmatched foundation so you are prepared to succeed in later chapters.
Sample Solutions for this Textbook
We offer sample solutions for Financial Accounting homework problems. See examples below:
Users of accounting information: People who rely on accounting information to make best decisions or...Chapter 1, Problem 3PEAChapter 1, Problem 3PEBChapter 1, Problem 20EChapter 1, Problem 5PAChapter 1, Problem 6PAChapter 1, Problem 5PBChapter 1, Problem 6PBChapter 2, Problem 1DQ
Chapter 2, Problem 2PAChapter 2, Problem 3PAChapter 2, Problem 4PAChapter 2, Problem 3PBChapter 2, Problem 4PBChapter 2, Problem 1COPChapter 3, Problem 1DQChapter 3, Problem 3PAChapter 3, Problem 4PAChapter 3, Problem 5PAChapter 3, Problem 3PBChapter 3, Problem 4PBChapter 3, Problem 5PBChapter 3, Problem 1COPSpreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a...Chapter 4, Problem 3PAChapter 4, Problem 4PAChapter 4, Problem 5PAChapter 4, Problem 4PBChapter 4, Problem 5PBChapter 4, Problem 1COPChapter 4, Problem 1CPPChapter 5, Problem 1DQChapter 5, Problem 2PAChapter 5, Problem 3PAGeneral Ledger: General ledger refers to the ledger that records all the transactions of the...Chapter 5, Problem 2PBChapter 5, Problem 3PBGeneral Ledger: General ledger refers to the ledger that records all the transactions of the...The following table shows the differences between a merchandising business and service business....Chapter 6, Problem 1PAChapter 6, Problem 2PAPerpetual Inventory System refers to the Merchandise Inventory system that maintains the detailed...Chapter 6, Problem 4PAChapter 6, Problem 1PBChapter 6, Problem 2PBChapter 6, Problem 3PBChapter 6, Problem 4PBChapter 6, Problem 2CPPInventory: Inventory refers to the raw materials, work in progress, and finished goods that are held...Chapter 7, Problem 21EChapter 7, Problem 3PAChapter 7, Problem 4PAChapter 7, Problem 5PAChapter 7, Problem 4PBChapter 7, Problem 5PBInventory turnover ratio: Inventory turnover ratio is used to determine the number of times...Internal Control: Internal control refers to the policies, and plans of the business organization...Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,...Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from...Chapter 9, Problem 1DQChapter 9, Problem 13EChapter 9, Problem 14EChapter 9, Problem 1PAChapter 9, Problem 4PANote receivable: Note receivable refers to a written promise received by the creditor from the...Chapter 9, Problem 1PBChapter 9, Problem 4PBChapter 10, Problem 1DQFixed Asset turnover: It is a ratio that measures the productive capacity of the fixed assets to...Chapter 10, Problem 2PAChapter 10, Problem 3PAChapter 10, Problem 5PAChapter 10, Problem 2PBChapter 10, Problem 3PBDisposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need...Chapter 11, Problem 1DQChapter 11, Problem 1PAChapter 11, Problem 3PALiabilities: Liabilities are debt and obligations of a business. These are the claims against the...Chapter 11, Problem 2PBChapter 11, Problem 3PBThe following are the journal entries. 20Y5ParticularsDebit ($)Credit ($)January3Petty Cash4,500...Proprietorships: Proprietorship is a form of organization, which is owned by an individual, called...Working Notes for determining the division of net income between partner M and G under different...Working Note 1: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful debt is to...Chapter 12, Problem 5PAWorking note 1 Calculation of division of realization Profit among partners: The following table...Working Notes 1: Calculation of Allowances for Doubtful Accounts – Allowance for doubtful debt is to...Chapter 12, Problem 6PBChapter 13, Problem 1DQChapter 13, Problem 10EChapter 13, Problem 3PACommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 13, Problem 5PAChapter 13, Problem 4PBCommon stock: These are the ordinary shares that a corporation issues to the investors in order to...Chapter 14, Problem 1DQChapter 14, Problem 2PAChapter 14, Problem 3PAChapter 14, Problem 4PABonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Chapter 14, Problem 2PBChapter 14, Problem 3PBChapter 14, Problem 4PBChapter 15, Problem 1DQChapter 15, Problem 1PAChapter 15, Problem 2PAChapter 15, Problem 3PAChapter 15, Problem 1PBTrading securities: These are short-term investments in debt and equity securities with an intention...Chapter 15, Problem 3PBStatement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 17EStatement of cash flows: It is one of the financial statement that shows the cash and cash...Chapter 16, Problem 22EChapter 16, Problem 23EChapter 16, Problem 3PAChapter 16, Problem 1PBFinancial Ratios: Financial ratios are the metrics used to evaluate the liquidity, solvency,...Chapter 17, Problem 3PAChapter 17, Problem 4PAChapter 17, Problem 5PAChapter 17, Problem 3PBFinancial Ratios: Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 17, Problem 5PBChapter 17, Problem 1FSAGenerally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create...International Financial Reporting Standards (IFRS): IFRS are a set of international accounting...Chapter B, Problem 1DQ
More Editions of This Book
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Financial Accounting
5th Edition
ISBN: 9780538829465
Financial Accounting
13th Edition
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Financial Accounting
13th Edition
ISBN: 9781285606873
Acct 1100: Chapter 1-9 Financial Accounting
24th Edition
ISBN: 9781285007939
EBK FINANCIAL ACCOUNTING
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Financial Accounting
14th Edition
ISBN: 9781305088436
Financial Accounting
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Cengagenow For Financial Accounting
14th Edition
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Financial Accounting (Loose Leaf)
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Bundle: Financial Accounting, Loose-Leaf Version, 14th + CengageNOWv2, 1 term Printed Access Card (2)
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Financial Accounting
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FINANCIAL ACCOUNTING (LL)-W/CENGAGENOWV2
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ISBN: 9780357499955
FINANCIAL ACCOUNTING LL W/CENGAGE NOW
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ISBN: 9780357499948
FINANCIAL ACCOUNTING
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ISBN: 9780357538753
Financial Accounting
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ISBN: 9781337913263
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Bundle: Financial Accounting, Loose-Leaf Version, 15th + LMS Integrated CengageNOWv2, 1 term Printed Access Card
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Financial Accounting - With Cengagenow
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Financial Accounting (Looseleaf)
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FINAN.ACCOUNTING-W/DGT ACCESS (LOOSE)
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FINANCIAL ACCOUNTING
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EBK FINANCIAL ACCOUNTING
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ISBN: 8220103648639
CENGAGENOWV2 FOR WARREN/REEVE/DUCHAC S
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Financial Accounting
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International Edition---financial Accounting, 10th Edition
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